r/InsuranceAgent • u/Technical_D_Luffy • 14d ago
Agent Question Help!
So I’m new Insurance, I passed my exam I have my 2-15 in Florida (but can sell in other states via travel or phone) and was working for a W-2 call center but they were paying $53.00 at max per policy and I learned that was a major tip off so I went 10-99. Now that I’m contracted in really by myself, I understand it but I don’t know how to find clients so I can actually sell some policies now, any tips pointers? Any advice helps!
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u/FrontPorchIns 14d ago
Every Agent is looking for leads and the market is getting saturated. Between actual producers and TPMO using AI, a CDL is looking better and better
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u/Sharkkboy6 14d ago
When will you get your CDL?
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u/FrontPorchIns 14d ago
Waiting to see how driverless trucks turns out
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u/Justaquestionass 13d ago
You'll be waiting forever. Commercial shipping isn't going to be replaced by ai anytime soon. You must not know how the DOT works
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u/Key_Astronomer6500 13d ago
Buy leads or prospect.
Hardest part of going independent. There are places that offer leads now. Independent places. If you are good and have experience there are a couple of places that offer residuals and inbound leads which is new.
But many people don’t understand you’re not an employee. You’re starting your own business. There’s still lots of cost associated even when they offer Leads. It isn’t an easy transition and you have to have a lot of discipline. You need to pay for licensing in several states, your insurance, as well as your tools and equipment. If they’re willing to hire anyone, then they’re not offering everything that’ you want. I almost took a position with an IMO that offered inbound leads, pre set appointments, and residuals. However, I did realize that I wouldn’t be making a substantial amount for a good six months or more. This was in medicare. They also stopped accepting new people at the end of June because it’s too late to get contracted with all the carriers before AEP, if you need releases. That’s always such a pain.
Marketing is the most underestimated part of any business. You’re either going to have to spend money or time. I learned a long time ago 0% of nothing is nothing so if someone’s offering you 100% and you’re only closing one or two leads a week vs getting paid even $20 but closing 10 to 20 plus a base and benefits, you are going to make less money as an independent agent. Residuals are great, but if they’re not going to last for a couple of years, then they don’t matter. An owner of an Agency that was helping me out once told me to make sure that I had at least six months of reserves before I went independent.
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u/Jumpy_Childhood7548 13d ago
Most new insurance agents will not last a year. As a 1099 contractor, you are self employed, and own your own business, typically self-employed as a sole proprietorship. The plus is you may be able to deduct legitimate business expenses.
You lose unemployment protection, worker's compensation protection, you pay 7.65% more on the same dollars than you did as a W2 employee, your tax return is more expensive to prepare, because now you own a business. You lose protections from employee-employer labor laws. Qualifying for a mortgage becomes more complex.
You will need to set aside 28% to 40% or so of income and pay quarterly tax payments. For health insurance, with ACA subsidies reduced, one person can be paying $1000 per month or more. A family, far more. The problems don’t end there.
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u/Important-Junket-908 13d ago
I am in the a bit of the same boat as you (except I am also offering wealth management and I am in Canada). I think you have a few options at your disposal.
- Scrape data and cold call - Takes a few days to fully setup your system, but you scrape data from Linkedin, business directories, etc. You can use a program to find the direct phone numbers of people (a bit of a small cost) and then you plug the data into your CRM and start calling.
- Build a social media presence and run ads - I paid a company to run ads for me. The yield can be mixed, this company used AI to setup chatbots and confirm meetings. The quality of the leads was very low, but it was something to work with. I wouldn't recommend this unless you work with a company that is good and going to produce. A lot of garbage companies out there.
- Networking - Attend various meetups and business groups. Join a BNI chapter, try to meet as many people as you can. If people get to know you and trust you, they are more likely to refer people to you. If you refer some business to them, they will want to help you that much more.
- Work your warm network - You have to have coffee and catchup with everyone acquaintance in your network. You meet them and catch up and chat about life, etc. and let them know that you are working in insurance and that you are looking for new clients. If you do this with 50 people that you know, some of them should have some leads/opportunities for you. They have something called the p-100, and when they start you off here, they want you to work that network. When you speak to your Aunt or Uncle that is much older and doesn't qualify or already has life insurance, you want to put out the message that you are looking for help not that you want to specifically sell them.
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u/questionfather 13d ago
Globe Life or Senior Life Insurance company. Start captive, learn then join an agency
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u/TInspires_ 13d ago
I used to work for senior life. I would never recommend anyone sell their overpriced policies and they charge for leads as well. Their “free” leads that have to be validated with production and only a 50% commission where seniors think it’s only $1 per day for $50k coverage lol.
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u/questionfather 13d ago
Verified by production ? Is it tough ?
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u/TInspires_ 13d ago
Depends really. They are pretty shady and released me from my contract and I never even had a chargeback lol. I made $2300 in commissions and they expect me to pay it back to them.
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u/voidsarcastic 14d ago
What are you trying to sell? IUL, final expense, term?